Form 712

Form 712

A form one files with the IRS to state the value of a life insurance policy at the time of death of the policyholder or when it is transferred (as a gift) to another party. Form 712 is submitted along with forms used to calculate an estate tax or gift tax.
References in periodicals archive ?
If an estate tax return will be filed, the executor/trustee should request Form 712, Life Insurance Statement, which will be attached to the Form 706.
The insurance company should provide the interpolated terminal reserve value as of the date the policy is transferred to the trust on Form 712, Life Insurance Statement, which CPAs should attach to the gift tax return.
The best way to support the value of the life insurance policy usually is to request a Living Form 712 from the life insurance company as of the required valuation date.
A Form 712 (Life Insurance Statement) is ordered from the carrier to determine the value of the policy for transfer tax purposes.
This will be critical to filing a claim and requesting Form 712 from the insurance carrier for the preparation of an estate tax return should one need to be filed.